Hi,
I upgraded my firmware from the factory version to 1.01.16. Since doing so my computer is seeing 2 network hdd's.. one is MyBookWorld and the other is MyBookWorld-Backup. I cant even see the shares on the -Backup drive.

This is normal. See note on page 50 of the My Book World Edition User Manual: "Note: In Finder, you will see a folder that corresponds to your backup drive and includes the word “backup”. This is a protected folder that is automatically created and where all of your backups reside. It serves no purpose for users other than to store Time Machine backups. In fact, if you try to connect to it, you will get a “Connection Failed” message."